XAUUSD Outlook for 15 - 19 Nov
Weekly Chart:
We can see that Gold has broken and closed above an important descending trend line and above EMA50 indicating that we could be at the start of a bullish move.
However, the price is still within a range( Red Box). EMA 50 is also flat moving sideways.
Daily Chart:
Price is currently at the top of Keltner Channels, hitting a bearish order block. We are expecting a retracement from the current zone, we could see a push to 1871-1888 before the drop.
Watch out for the levels below:1838,1830,1805
1830 could act as support and price could bounce from the 1830 zone to move higher.
Our target for the upside is 1926.
H4 Chart
Before taking any shorts with for price to break below red trending.
TRADING PLAN:
1: Expecting a retracement to test the 1830 zone and trendline.
2: Once the price is at 1830 we will observe for a rejection.
3: if we see a clear rejection we will look for long positions.
4: If we drop below 1830 into the pennant we will observers the 1800 level for a rejection and look for longs.
5: We will keep our bias to Long until we see a drop below 1800.
We can see that Gold has broken and closed above an important descending trend line and above EMA50 indicating that we could be at the start of a bullish move.
However, the price is still within a range( Red Box). EMA 50 is also flat moving sideways.
Daily Chart:
Price is currently at the top of Keltner Channels, hitting a bearish order block. We are expecting a retracement from the current zone, we could see a push to 1871-1888 before the drop.
Watch out for the levels below:1838,1830,1805
1830 could act as support and price could bounce from the 1830 zone to move higher.
Our target for the upside is 1926.
H4 Chart
Before taking any shorts with for price to break below red trending.
TRADING PLAN:
1: Expecting a retracement to test the 1830 zone and trendline.
2: Once the price is at 1830 we will observe for a rejection.
3: if we see a clear rejection we will look for long positions.
4: If we drop below 1830 into the pennant we will observers the 1800 level for a rejection and look for longs.
5: We will keep our bias to Long until we see a drop below 1800.
Please follow
Hit the like button
Share your thoughts and leave a comment.
Thank you for your support🙏🙏🙏
Trade Safe and manage your risk. Everything we share is not financial advice.